Korea Behind on Startups Despite Having a High GDP
A new report shows that the Korea startups scene is falling behind. Korea ranked 32nd out of 120 countries according to the Korea Economic Research Institute’s (KERI) report on entrepreneurship. The study gives a score to each country on categories such as “social and cultural support to entrepreneurs” and “opportunities to open innovative new business.”
Korea’s rank placed the country in third of eight classes, alongside Romania, Bulgaria and Japan, but lower than Latvia and Colombia. KERI analysts have expressed concern, as Korea’s rank is low in comparison to its GDP. Last year, Korea ranked 13th out of the world’s GDP while Romania ranked a much lower, 52nd place.
In first place was the United States and the United Kingdom, Israel and Germany completed the top four of most entrepreneurial countries.
Korea received low scores for opportunity perception (opportunities to start individual businesses) and business environment open for free competition. Analysts have added that perhaps Korea should improve its business environment for individuals and smaller companies.